🔍 What is cryptocurrency from a legal point of view?
In simple terms, this is digital asset, which does not have a physical carrier and is not provided by the state. In the laws of different countries, it can be called differently:
Country | How they are called | Legal status |
|---|---|---|
USA | Virtual Currency | Allowed, but under supervision |
EU | Crypto-assets | Regulated by MiCA |
Russia | Digital currency | Allowed with restrictions |
China | Cryptocurrency | Complete ban |
⚖️ Is it legal to store and trade cryptocurrency?
The question that worries many: is it even legal to own a crypt and make transactions with it? The answer is yes, but with reservationswhich depend on the country you are in. Let's take it step by step.
🗃 Storing cryptocurrency
In many countries Possession of cryptocurrency is not a crime in itself. It's like owning a digital asset: you can have bitcoins, ethers, or even some rare token in your wallet.
In Russia, for example, the law explicitly permits the possession of cryptocurrency. It is considered as "property" and not as a currency. That is:
You can buy cryptocurrency.
You can keep it on a cold wallet or in the app.
You are obliged to declare cryptocurrency, if you use it in financial transactions (for example, to make a profit).
🧠 Important: Storage ≠ use. You can be the owner, but using crypto, for example, to buy goods is a separate story (more on this below).
📊 Cryptocurrency trading
Trading is when you buy and sell cryptocurrency, making a profit. In most countries, this is legal, but such operations:
Fall under financial regulation.
Can be considered taxable actions.
Required revenue accounting and payment of taxes.
Examples:
You bought 1 BTC for $20,000, sold it for $30,000 — profit of $10,000 = taxable income.
If you made 100 deals on the exchange, it can already be considered an entrepreneurial activity.
In of Russia (as of 2025):
You can trade, but only for personal funds.
You are obliged to pay tax (Personal income tax 13% or 15%).
Cryptocurrency is not a means of payment — it cannot be used to pay for goods and services (the penalty for this is up to 200,000 rubles).
Action | Is it legal? | Do I need to declare it? |
|---|---|---|
Store cryptocurrency | ✅ Yes | Only for operations |
Buy on the exchange | ✅ Yes | Yes, if sold later |
Sell at a profit | ✅ Yes | Required |
Use for payment | ❌ No (in the Russian Federation) | Violation of the law |
📦 How does it all look in practice?
You have registered on the Binance, KuCoin or other exchange - it is legal, especially if you have passed verification (KYC).
Replenished the account, bought USDT or BTC is also legal.
Sold at a profit a month later - profit is taxed. You must include it in your tax return and pay the tax by April 30 of the following year.
We tried to buy coffee with BTC in a cafe - if you are in the Russian Federation, then this is already illegal use of cryptocurrency as a means of payment.
📌 Anonymity ≠ security
Many people think that if the crypto is anonymous, then you can "not shine". But this is a myth. Modern analytics tools allow track addresses, transactions and connections between walletsTherefore:
All major exchanges require verification.
Data on transactions with crypto can be transferred to the tax authorities.
Tax evasion is subject to real fines and criminal liability.
🚨 What could be the violation?
💸 Penalty up to 30% of the amount
🔒 Freezing of accounts
👮♂️ Initiation of a case (for example, for money laundering)
In some countries, for the turnover of cryptocurrencies - criminal liability.
If you are involved in crypto - even for the sake of interest - treat it as an asset with legal consequencesEverything related to money and technology sooner or later falls under control.
That's why it's important not only to study blockchain and DeFi, but also understand the legal context. In the "Kodik" application, we teach both the code and the technologies behind the crypt. But we do not forget to remind: legal literacy is part of the skillset of a modern developer.